FORM 8-K
|
||
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
|
||
Date of report (Date of earliest event reported): April 29, 2020
|
||
Red River Bancshares, Inc.
(Exact name of registrant as specified in its charter)
|
||
Louisiana
|
001-38888
|
72-1412058
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
1412 Centre Court Drive, Suite 501
Alexandria, Louisiana
|
71301
|
|
(Address of principal executive offices)
|
(Zip code)
|
|
Registrant’s telephone number, including area code: (318) 561-5028
|
||
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of each exchange
on which registered
|
Common Stock, no par value
|
|
RRBI
|
|
The Nasdaq Stock Market, LLC
|
Exhibit
Number
|
|
Description of Exhibit
|
99.1
|
|
RED RIVER BANCSHARES, INC.
|
||
By:
|
/s/ Isabel V. Carriere
|
|
Isabel V. Carriere, CPA, CGMA
|
||
Executive Vice President and Chief Financial Officer
|
||
(Principal Financial Officer and Principal Accounting Officer)
|
•
|
Net income was $6.7 million for both the first quarter of 2020 and the fourth quarter of 2019. For the first quarter of 2020, the quarterly return on assets was 1.36%, and the quarterly return on equity was 10.53%.
|
•
|
The Company changed the timing and frequency for payment of its cash dividends. Beginning with the first quarter of 2020, our board of directors and management will evaluate the payment of cash dividends on a quarterly basis,
|
•
|
As of March 31, 2020, the Company had $2.01 billion of assets, $1.45 billion of loans held for investment ("HFI"), and $1.73 billion of deposits. The loans HFI to deposits ratio was 83.77%, and the noninterest-bearing deposits to total deposits ratio was 35.15%.
|
•
|
The net interest margin was negatively impacted by two significant Federal Reserve rate decreases which occurred in March 2020 in response to the COVID-19 pandemic. The net interest margin, fully tax equivalent basis ("FTE"), decreased nine basis points to 3.41% for the first quarter of 2020, compared to 3.50% for the prior quarter.
|
•
|
Due to the expected economic impact of COVID-19 related closures on businesses and consumers throughout Louisiana, our provision for loan losses was $125,000 higher for the first quarter of 2020 than the prior quarter.
|
•
|
Security portfolio transactions increased in the first quarter of 2020, resulting in a $383,000 gain on the sale of securities compared to $13,000 for the fourth quarter of 2019.
|
•
|
In the first quarter of 2020, we completed final resolution on the remaining assets relating to an acquired subsidiary, and the company was dissolved. As a result of these nonrecurring transactions, expenses were reduced by $311,000.
|
•
|
The Bank did not have an FDIC insurance assessment for the fourth quarter of 2019 or the first quarter of 2020.
|
•
|
Effective January 1, 2020, a new, optional community bank leverage ratio ("CBLR") framework was available to qualifying financial institutions. Although both the Company and the Bank qualify for the CBLR framework, management does not currently intend to utilize the CBLR framework and will continue to calculate and report Basel III risk-based capital results.
|
•
|
Late in 2019, we purchased a banking center building in Sulphur, Louisiana, located in our Southwest Louisiana market. This property was remodeled and opened as the newest Red River Bank banking center during the first quarter of 2020.
|
March 31, 2020
|
||||||
(dollars in thousands)
|
Amount
|
Percent of Loans HFI
|
||||
Hospitality services:
|
||||||
Hotels
|
$
|
20,616
|
|
1.4
|
%
|
|
Restaurants - full service
|
11,116
|
|
0.8
|
%
|
||
Restaurants - limited service
|
11,642
|
|
0.8
|
%
|
||
Other
|
3,515
|
|
0.2
|
%
|
||
Total hospitality services
|
$
|
46,889
|
|
3.2
|
%
|
|
Retail trade:
|
||||||
Automobile dealers
|
$
|
37,826
|
|
2.6
|
%
|
|
Other retail
|
26,183
|
|
1.8
|
%
|
||
Total retail trade
|
$
|
64,009
|
|
4.4
|
%
|
|
Energy
|
$
|
30,113
|
|
2.1
|
%
|
March 31, 2020
|
||||||
(dollars in thousands)
|
Amount
|
Percent of Loans HFI
|
||||
Loans collateralized by non-owner occupied properties leased to retail establishments
|
$
|
40,611
|
|
2.8
|
%
|
|
Credit card loans:
|
||||||
Commercial
|
$
|
1,244
|
|
0.1
|
%
|
|
Consumer
|
819
|
|
—
|
%
|
||
Total credit card loans
|
$
|
2,063
|
|
0.1
|
%
|
FINANCIAL HIGHLIGHTS (UNAUDITED)
|
||||||||||||
As of and for the
Three Months Ended |
||||||||||||
(Dollars in thousands, except per share data)
|
Mar. 31,
2020 |
Dec. 31,
2019 |
Mar. 31,
2019 |
|||||||||
Net Income
|
$
|
6,745
|
|
$
|
6,743
|
|
$
|
5,696
|
|
|||
Per Common Share Data:
|
||||||||||||
Earnings per share, basic
|
$
|
0.92
|
|
$
|
0.92
|
|
$
|
0.86
|
|
|||
Earnings per share, diluted
|
$
|
0.92
|
|
$
|
0.92
|
|
$
|
0.85
|
|
|||
Book value per share
|
$
|
36.08
|
|
$
|
34.48
|
|
$
|
30.46
|
|
|||
Tangible book value per share
|
$
|
35.87
|
|
$
|
34.27
|
|
$
|
30.23
|
|
|||
Cash dividends per share
|
$
|
0.06
|
|
$
|
—
|
|
$
|
0.20
|
|
|||
Weighted average shares outstanding, basic
|
7,313,279
|
|
7,306,221
|
|
6,632,482
|
|
||||||
Weighted average shares outstanding, diluted
|
7,351,409
|
|
7,347,602
|
|
6,668,029
|
|
||||||
Summary Performance Ratios:
|
||||||||||||
Return on average assets
|
1.36
|
%
|
1.37
|
%
|
1.24
|
%
|
||||||
Return on average equity
|
10.53
|
%
|
10.72
|
%
|
11.69
|
%
|
||||||
Net interest margin
|
3.36
|
%
|
3.45
|
%
|
3.47
|
%
|
||||||
Net interest margin (FTE)
|
3.41
|
%
|
3.50
|
%
|
3.52
|
%
|
||||||
Efficiency ratio
|
57.40
|
%
|
57.90
|
%
|
59.52
|
%
|
||||||
Loans HFI to deposits ratio
|
83.77
|
%
|
83.60
|
%
|
79.78
|
%
|
||||||
Noninterest-bearing deposits to deposits ratio
|
35.15
|
%
|
33.98
|
%
|
33.45
|
%
|
||||||
Noninterest income to average assets
|
0.95
|
%
|
0.85
|
%
|
0.72
|
%
|
||||||
Operating expense to average assets
|
2.41
|
%
|
2.41
|
%
|
2.43
|
%
|
||||||
Summary Credit Quality Ratios:
|
||||||||||||
Nonperforming assets to total assets
|
0.30
|
%
|
0.33
|
%
|
0.34
|
%
|
||||||
Nonperforming loans to loans HFI
|
0.36
|
%
|
0.37
|
%
|
0.46
|
%
|
||||||
Allowance for loan losses to loans HFI
|
0.99
|
%
|
0.97
|
%
|
0.97
|
%
|
||||||
Net charge-offs to average loans
|
0.00
|
%
|
0.02
|
%
|
0.00
|
%
|
||||||
Capital Ratios:
|
||||||||||||
Total stockholders' equity to total assets
|
13.14
|
%
|
12.67
|
%
|
10.52
|
%
|
||||||
Tangible common equity to tangible assets
|
13.07
|
%
|
12.60
|
%
|
10.45
|
%
|
||||||
Total risk-based capital to risk-weighted assets
|
18.18
|
%
|
18.02
|
%
|
16.52
|
%
|
||||||
Tier 1 risk-based capital to risk-weighted assets
|
17.21
|
%
|
17.07
|
%
|
15.57
|
%
|
||||||
Common equity Tier 1 capital to risk-weighted assets
|
17.21
|
%
|
17.07
|
%
|
14.78
|
%
|
||||||
Tier 1 risk-based capital to average assets
|
12.89
|
%
|
12.82
|
%
|
11.50
|
%
|
RED RIVER BANCSHARES, INC.
|
|||||||||||||||||||
CONSOLIDATED BALANCE SHEETS
|
|||||||||||||||||||
(Unaudited)
|
(Audited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
(in thousands)
|
Mar. 31,
2020 |
Dec. 31,
2019 |
Sept. 30,
2019 |
June 30,
2019 |
Mar. 31,
2019 |
||||||||||||||
ASSETS
|
|||||||||||||||||||
Cash and due from banks
|
$
|
31,858
|
|
$
|
25,937
|
|
$
|
32,724
|
|
$
|
29,854
|
|
$
|
32,371
|
|
||||
Interest-bearing deposits in other banks
|
48,605
|
|
107,355
|
|
73,598
|
|
71,761
|
|
145,593
|
|
|||||||||
Securities available-for-sale
|
401,944
|
|
335,573
|
|
341,900
|
|
318,082
|
|
319,353
|
|
|||||||||
Equity securities
|
3,998
|
|
3,936
|
|
3,954
|
|
3,924
|
|
3,869
|
|
|||||||||
Nonmarketable equity securities
|
1,354
|
|
1,350
|
|
1,347
|
|
1,342
|
|
1,303
|
|
|||||||||
Loans held for sale
|
6,597
|
|
5,089
|
|
4,113
|
|
6,029
|
|
2,210
|
|
|||||||||
Loans held for investment
|
1,447,362
|
|
1,438,924
|
|
1,413,162
|
|
1,393,154
|
|
1,349,181
|
|
|||||||||
Allowance for loans losses
|
(14,393
|
)
|
(13,937
|
)
|
(13,906
|
)
|
(13,591
|
)
|
(13,101
|
)
|
|||||||||
Premises and equipment, net
|
41,711
|
|
41,744
|
|
39,828
|
|
40,032
|
|
40,033
|
|
|||||||||
Accrued interest receivable
|
5,240
|
|
5,251
|
|
4,928
|
|
5,570
|
|
4,988
|
|
|||||||||
Bank-owned life insurance
|
21,987
|
|
21,845
|
|
21,707
|
|
21,570
|
|
21,434
|
|
|||||||||
Intangible assets
|
1,546
|
|
1,546
|
|
1,546
|
|
1,546
|
|
1,546
|
|
|||||||||
Right-of-use assets
|
4,454
|
|
4,553
|
|
4,651
|
|
4,748
|
|
4,844
|
|
|||||||||
Other assets
|
8,438
|
|
9,059
|
|
9,302
|
|
8,897
|
|
8,494
|
|
|||||||||
Total Assets
|
$
|
2,010,701
|
|
$
|
1,988,225
|
|
$
|
1,938,854
|
|
$
|
1,892,918
|
|
$
|
1,922,118
|
|
||||
LIABILITIES
|
|||||||||||||||||||
Noninterest-bearing deposits
|
$
|
607,322
|
|
$
|
584,915
|
|
$
|
615,051
|
|
$
|
576,934
|
|
$
|
565,757
|
|
||||
Interest-bearing deposits
|
1,120,460
|
|
1,136,205
|
|
1,061,800
|
|
1,057,656
|
|
1,125,377
|
|
|||||||||
Total Deposits
|
1,727,782
|
|
1,721,120
|
|
1,676,851
|
|
1,634,590
|
|
1,691,134
|
|
|||||||||
Other borrowed funds
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Junior subordinated debentures
|
—
|
|
—
|
|
—
|
|
5,155
|
|
11,341
|
|
|||||||||
Accrued interest payable
|
2,307
|
|
2,222
|
|
1,925
|
|
1,998
|
|
1,967
|
|
|||||||||
Lease liabilities
|
4,511
|
|
4,603
|
|
4,688
|
|
4,773
|
|
4,856
|
|
|||||||||
Accrued expenses and other liabilities
|
11,926
|
|
8,382
|
|
10,001
|
|
8,491
|
|
10,636
|
|
|||||||||
Total Liabilities
|
1,746,526
|
|
1,736,327
|
|
1,693,465
|
|
1,655,007
|
|
1,719,934
|
|
|||||||||
COMMITMENTS AND CONTINGENCIES
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
STOCKHOLDERS' EQUITY
|
|||||||||||||||||||
Preferred stock, no par value
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Common stock, no par value
|
68,177
|
|
68,082
|
|
68,082
|
|
68,082
|
|
41,271
|
|
|||||||||
Additional paid-in capital
|
1,333
|
|
1,269
|
|
1,205
|
|
1,141
|
|
1,091
|
|
|||||||||
Retained earnings
|
188,877
|
|
182,571
|
|
175,828
|
|
168,981
|
|
163,443
|
|
|||||||||
Accumulated other comprehensive income (loss)
|
5,788
|
|
(24
|
)
|
274
|
|
(293
|
)
|
(3,621
|
)
|
|||||||||
Total Stockholders' Equity
|
264,175
|
|
251,898
|
|
245,389
|
|
237,911
|
|
202,184
|
|
|||||||||
Total Liabilities and Stockholders' Equity
|
$
|
2,010,701
|
|
$
|
1,988,225
|
|
$
|
1,938,854
|
|
$
|
1,892,918
|
|
$
|
1,922,118
|
|
RED RIVER BANCSHARES, INC.
|
|||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|||||||||||||
For the Three Months Ended
|
|||||||||||||
(in thousands)
|
Mar. 31,
2020 |
Dec. 31,
2019 |
Mar. 31,
2019 |
||||||||||
INTEREST AND DIVIDEND INCOME
|
|||||||||||||
Interest and fees on loans
|
$
|
16,466
|
|
$
|
16,544
|
|
$
|
15,504
|
|
||||
Interest on securities
|
1,791
|
|
1,894
|
|
1,763
|
|
|||||||
Interest on federal funds sold
|
113
|
|
150
|
|
212
|
|
|||||||
Interest on deposits in other banks
|
206
|
|
192
|
|
416
|
|
|||||||
Dividends on stock
|
4
|
|
4
|
|
9
|
|
|||||||
Total Interest and Dividend Income
|
18,580
|
|
18,784
|
|
17,904
|
|
|||||||
INTEREST EXPENSE
|
|||||||||||||
Interest on deposits
|
2,492
|
|
2,441
|
|
2,296
|
|
|||||||
Interest on junior subordinated debentures
|
—
|
|
—
|
|
156
|
|
|||||||
Total Interest Expense
|
2,492
|
|
2,441
|
|
2,452
|
|
|||||||
Net Interest Income
|
16,088
|
|
16,343
|
|
15,452
|
|
|||||||
Provision for loan losses
|
503
|
|
378
|
|
526
|
|
|||||||
Net Interest Income After Provision for Loan Losses
|
15,585
|
|
15,965
|
|
14,926
|
|
|||||||
NONINTEREST INCOME
|
|||||||||||||
Service charges on deposit accounts
|
1,228
|
|
1,270
|
|
1,026
|
|
|||||||
Debit card income, net
|
755
|
|
782
|
|
695
|
|
|||||||
Mortgage loan income
|
889
|
|
816
|
|
514
|
|
|||||||
Brokerage income
|
744
|
|
573
|
|
365
|
|
|||||||
Loan and deposit income
|
300
|
|
389
|
|
346
|
|
|||||||
Bank-owned life insurance income
|
142
|
|
137
|
|
133
|
|
|||||||
Gain (Loss) on equity securities
|
63
|
|
(19
|
)
|
48
|
|
|||||||
Gain (Loss) on sale of securities
|
383
|
|
13
|
|
—
|
|
|||||||
SBIC income
|
178
|
|
185
|
|
120
|
|
|||||||
Other income
|
49
|
|
43
|
|
49
|
|
|||||||
Total Noninterest Income
|
4,731
|
|
4,189
|
|
3,296
|
|
|||||||
OPERATING EXPENSES
|
|||||||||||||
Personnel expenses
|
7,348
|
|
7,148
|
|
6,640
|
|
|||||||
Occupancy and equipment expenses
|
1,185
|
|
1,268
|
|
1,175
|
|
|||||||
Technology expenses
|
586
|
|
596
|
|
544
|
|
|||||||
Advertising
|
261
|
|
204
|
|
209
|
|
|||||||
Other business development expenses
|
295
|
|
281
|
|
282
|
|
|||||||
Data processing expense
|
450
|
|
462
|
|
459
|
|
|||||||
Other taxes
|
437
|
|
346
|
|
353
|
|
|||||||
Loan and deposit expenses
|
246
|
|
247
|
|
223
|
|
|||||||
Legal and professional expenses
|
495
|
|
403
|
|
319
|
|
|||||||
Regulatory assessment expense
|
26
|
|
38
|
|
142
|
|
|||||||
Other operating expenses
|
621
|
|
895
|
|
812
|
|
|||||||
Total Operating Expenses
|
11,950
|
|
11,888
|
|
11,158
|
|
|||||||
Income Before Income Tax Expense
|
8,366
|
|
8,266
|
|
7,064
|
|
|||||||
Income tax expense
|
1,621
|
|
1,523
|
|
1,368
|
|
|||||||
Net Income
|
$
|
6,745
|
|
$
|
6,743
|
|
$
|
5,696
|
|
RED RIVER BANCSHARES, INC.
|
||||||||||||||||||||||||||||||||
NET INTEREST INCOME AND NET INTERST MARGIN (UNAUDITED)
|
||||||||||||||||||||||||||||||||
For the Three Months Ended
|
||||||||||||||||||||||||||||||||
March 31, 2020
|
December 31, 2019
|
March 31, 2019
|
||||||||||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
Average
Balance Outstanding |
Interest
Earned/ Interest Paid |
Average
Yield/ Rate |
|||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||
Loans
(1,2)
|
$
|
1,449,995
|
|
$
|
16,466
|
|
4.50
|
%
|
$
|
1,428,978
|
|
$
|
16,544
|
|
4.53
|
%
|
$
|
1,344,523
|
|
$
|
15,504
|
|
4.61
|
%
|
||||||||
Securities - taxable
|
262,417
|
|
1,267
|
|
1.93
|
%
|
258,491
|
|
1,392
|
|
2.15
|
%
|
261,325
|
|
1,378
|
|
2.11
|
%
|
||||||||||||||
Securities - tax-exempt
|
86,891
|
|
524
|
|
2.41
|
%
|
85,749
|
|
502
|
|
2.34
|
%
|
64,630
|
|
385
|
|
2.38
|
%
|
||||||||||||||
Federal funds sold
|
34,030
|
|
113
|
|
1.32
|
%
|
36,470
|
|
150
|
|
1.61
|
%
|
34,228
|
|
212
|
|
2.48
|
%
|
||||||||||||||
Interest-bearing balances due from banks
|
59,756
|
|
206
|
|
1.36
|
%
|
45,565
|
|
192
|
|
1.65
|
%
|
70,473
|
|
416
|
|
2.36
|
%
|
||||||||||||||
Nonmarketable equity securities
|
1,351
|
|
4
|
|
1.07
|
%
|
1,346
|
|
4
|
|
1.19
|
%
|
1,299
|
|
4
|
|
1.23
|
%
|
||||||||||||||
Investment in trusts
|
—
|
|
—
|
|
—
|
%
|
—
|
|
—
|
|
—
|
%
|
341
|
|
5
|
|
5.95
|
%
|
||||||||||||||
Total interest-earning assets
|
1,894,440
|
|
$
|
18,580
|
|
3.89
|
%
|
1,856,599
|
|
$
|
18,784
|
|
3.97
|
%
|
1,776,819
|
|
$
|
17,904
|
|
4.03
|
%
|
|||||||||||
Allowance for loan losses
|
(14,078
|
)
|
(13,969
|
)
|
(12,735
|
)
|
||||||||||||||||||||||||||
Noninterest earning assets
|
115,245
|
|
112,130
|
|
101,545
|
|
||||||||||||||||||||||||||
Total assets
|
$
|
1,995,607
|
|
$
|
1,954,760
|
|
$
|
1,865,629
|
|
|||||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||
Interest-bearing transaction deposits
|
$
|
795,390
|
|
$
|
986
|
|
0.50
|
%
|
$
|
747,293
|
|
$
|
968
|
|
0.51
|
%
|
$
|
753,617
|
|
$
|
962
|
|
0.52
|
%
|
||||||||
Time deposits
|
335,629
|
|
1,506
|
|
1.81
|
%
|
334,499
|
|
1,473
|
|
1.75
|
%
|
334,759
|
|
1,334
|
|
1.62
|
%
|
||||||||||||||
Total interest-bearing deposits
|
1,131,019
|
|
2,492
|
|
0.89
|
%
|
1,081,792
|
|
2,441
|
|
0.90
|
%
|
1,088,376
|
|
2,296
|
|
0.86
|
%
|
||||||||||||||
Junior subordinated debentures
|
—
|
|
—
|
|
—
|
%
|
—
|
|
—
|
|
—
|
%
|
11,341
|
|
156
|
|
5.58
|
%
|
||||||||||||||
Other borrowings
|
80
|
|
—
|
|
0.55
|
%
|
—
|
|
—
|
|
—
|
%
|
—
|
|
—
|
|
—
|
%
|
||||||||||||||
Total interest-bearing liabilities
|
1,131,099
|
|
$
|
2,492
|
|
0.89
|
%
|
1,081,792
|
|
$
|
2,441
|
|
0.90
|
%
|
1,099,717
|
|
$
|
2,452
|
|
0.90
|
%
|
|||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||||||||||
Noninterest-bearing deposits
|
590,370
|
|
606,329
|
|
552,204
|
|
||||||||||||||||||||||||||
Accrued interest and other liabilities
|
16,584
|
|
17,191
|
|
16,027
|
|
||||||||||||||||||||||||||
Total noninterest-bearing liabilities
|
606,954
|
|
623,520
|
|
568,231
|
|
||||||||||||||||||||||||||
Stockholders’ equity
|
257,554
|
|
249,448
|
|
197,681
|
|
||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,995,607
|
|
$
|
1,954,760
|
|
$
|
1,865,629
|
|
|||||||||||||||||||||||
Net interest income
|
$
|
16,088
|
|
$
|
16,343
|
|
$
|
15,452
|
|
|||||||||||||||||||||||
Net interest spread
|
3.00
|
%
|
3.07
|
%
|
3.13
|
%
|
||||||||||||||||||||||||||
Net interest margin
|
3.36
|
%
|
3.45
|
%
|
3.47
|
%
|
||||||||||||||||||||||||||
Net interest margin FTE
(3)
|
3.41
|
%
|
3.50
|
%
|
3.52
|
%
|
||||||||||||||||||||||||||
Cost of deposits
|
0.58
|
%
|
0.57
|
%
|
0.57
|
%
|
||||||||||||||||||||||||||
Cost of funds
|
0.53
|
%
|
0.52
|
%
|
0.56
|
%
|
(1)
|
Includes average outstanding balances of loans held for sale of
$4.2 million
, $4.3 million, and
$2.5 million
for the three months ended
March 31, 2020
, December 31, 2019, and March 31,
2019
, respectively.
|
(2)
|
Nonaccrual loans are included as loans carrying a zero yield.
|
(3)
|
Net interest margin FTE includes an FTE adjustment using a 21% federal income tax rate on tax-exempt securities and tax-exempt loans.
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
|||||||||||
(dollars in thousands, except per share data)
|
March 31, 2020
|
December 31, 2019
|
March 31, 2019
|
||||||||
Tangible common equity
|
|||||||||||
Total stockholders' equity
|
$
|
264,175
|
|
$
|
251,898
|
|
$
|
202,184
|
|
||
Adjustments:
|
|||||||||||
Intangible assets
|
(1,546
|
)
|
(1,546
|
)
|
(1,546
|
)
|
|||||
Total tangible common equity
|
$
|
262,629
|
|
$
|
250,352
|
|
$
|
200,638
|
|
||
Common shares outstanding
|
7,322,532
|
|
7,306,221
|
|
6,636,926
|
|
|||||
Book value per common share
|
$
|
36.08
|
|
$
|
34.48
|
|
$
|
30.46
|
|
||
Tangible book value per common share
|
$
|
35.87
|
|
$
|
34.27
|
|
$
|
30.23
|
|
||
Tangible assets
|
|||||||||||
Total assets
|
$
|
2,010,701
|
|
$
|
1,988,225
|
|
$
|
1,922,118
|
|
||
Adjustments:
|
|||||||||||
Intangible assets
|
(1,546
|
)
|
(1,546
|
)
|
(1,546
|
)
|
|||||
Total tangible assets
|
$
|
2,009,155
|
|
$
|
1,986,679
|
|
$
|
1,920,572
|
|
||
Total stockholder's equity to total assets
|
13.14
|
%
|
12.67
|
%
|
10.52
|
%
|
|||||
Tangible common equity to tangible assets
|
13.07
|
%
|
12.60
|
%
|
10.45
|
%
|